Q3 2024 Real Estate Market Report for Germantown and Hope Gardens Nashville
The neighborhoods of Germantown and Hope Gardens continue to be key players in the Nashville real estate market. Known for their historic charm, vibrant community culture, and proximity to downtown, these areas have become some of the most desirable places to live in the city. Germantown, with its rich history and trendy eateries and Hope Gardens’ close-knit community feel all offer unique lifestyle benefits for prospective buyers.
As we move into Q3 2024, the real estate market in these neighborhoods shows mixed results, with some declines in sales prices and new listings, but increases in contracts and inventory, signaling a shifting but still competitive market.
Key Metrics at a Glance:
Metric | September 2023 | September 2024 | Year-over-Year Change |
---|---|---|---|
New Listings | 65 | 36 | 45% Decrease |
New Under Contract | 15 | 25 | 67% Increase |
Active Inventory (Avg) | 126 | 129 | 2% Increase |
Under Contract Inventory (Avg) | 22 | 31 | 44% Increase |
Total Inventory | 148 | 160 | 8% Increase |
Closings | 17 | 19 | 12% Increase |
Sale Price (Avg) | $590,005 | $573,294 | 3% Decrease |
Sale Price (Med) | $513,286 | $446,300 | 13% Decrease |
Avg DOM (Closed) | 73 | 51 | 30% Decrease |
Avg List Price (Active) | $688,638 | $684,942 | 1% Decrease |
List to Contract (Avg) | 76 | 60 | 21% Decrease |
Contract to Closed (Avg) | 35 | 34 | 2% Decrease |
List to Closed (Avg) | 122 | 125 | 2% Increase |
Months of Supply | 7.97 | 7.9 | 1% Decrease |
Takeaway Points:
- Days on Market: Properties are selling faster, with a 30% decrease in the average days on market, which suggests strong demand in these neighborhoods.
- Active Inventory: Inventory levels have slightly increased, ensuring that buyers still have a variety of options to choose from, although new listings are down.
- Pricing Trends: Both average and median sale prices have dropped, with the median price down by 13%. This might indicate a potential buying opportunity for those looking to invest in these desirable areas.
Narrative Summary:
Germantown, Hope Gardens, and Sylvan Park remain highly coveted neighborhoods for homebuyers in Nashville. Known for their historic charm, vibrant community feel, and proximity to downtown amenities, these areas offer a balanced blend of urban living and suburban tranquility. In Q3 2024, we’re seeing a slight cooling off in sale prices but an increase in contracts and closings, reflecting continued interest from buyers. The lower prices may provide a window of opportunity for buyers who have been on the fence.
For more information on these neighborhoods, visit Germantown – Visit Music City and Hope Gardens – Niche.